WYOMING – Rocky Mountain Bank’s parent company – Teton Financial Services – has signed a definitive merger agreement with First Western Financial, Inc.
The merger aims to strengthen Teton Financial franchises in Wyoming.
Rocky Mountain Bank clients should continue to conduct business as usual and will receive communications from First Western prior to any changes related to the transaction. That includes those who use the Pinedale branch.
“We are excited for the opportunity to join such a highly regarded franchise in the western region,” Allan R. Tessler, chairman, president and CEO of Teton Financial Services, said. “Our employees and clients will benefit from First Western’s broader offering of products and services, as well as its ability to accommodate larger financing needs.”
The transaction is expected to be 5.2-percent accretive to 2022 earnings per share and 0.4-percnt dilutive to tangible book value, with a short tangible book value earnback period of 0.4 years.
Under terms of the merger agreement, Teton Financial Services shareholders are entitled to receive 0.0466 shares of First Western common stock and $0.39 in cash for each share of Teton Financial Services stock, subject to certain adjustments.